A few points to remember when building a new home and taking advantage of the Federal Homebuyer Tax Credit:
1) In order to build your new home in time to meet the June 30th deadline, you would want to have things well under way by February 1st, 2010. It typically takes 5 months to complete the entire construction process.
2) If you were to build a new home and take advantage of this credit, you can still claim the credit on your 2009 taxes by filing an amended tax return after you have closed on your new home.
Here is a link to the IRS website for all your Frequently Asked Questions: http://www.federalhousingtaxcredit.com/
Feel free to email me if you have any questions.
Have a great weekend.
Steve Converse
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